What is the fundamental difference in the investment strategy of AIRR and PAVE?

AIRR and PAVE target distinct segments of the industrial economy. AIRR focuses on the American Industrial Renaissance, holding companies involved in traditional industrial sectors like energy, transportation, and manufacturing. Conversely, PAVE targets US Infrastructure Development, concentrating on firms essential to constructing and maintaining physical infrastructure such as roads, bridges, and utilities. While both operate within the broader industrial theme, their specific sub-sector exposures differ, reflecting different underlying economic drivers.

Why is the lack of tracked index methodology significant for these ETFs?

Both AIRR and PAVE have a tracked index listed as 'not available'. This means investors cannot benchmark the funds against a specific predefined rule-based methodology. Without a transparent index, it is harder to predict future holdings or understand the exact selection criteria used by fund managers. This lack of transparency requires investors to rely more heavily on current portfolio composition and sector categorisation rather than following a strict index replication strategy.

How does the inception date of an ETF influence its performance history?

The inception date marks when an ETF began trading and accumulating performance data. AIRR was launched on Mar 10, 2014, providing a longer historical record compared to PAVE, which was launched on Mar 6, 2017. A longer history allows investors to observe how a fund has performed across different market cycles. However, past performance does not guarantee future results, and investors should consider whether the fund's strategy has remained consistent since inception.

How do the expense ratios of AIRR and PAVE compare?

AIRR has an expense ratio of 0.69%, while PAVE is slightly lower at 0.47%. This 0.22 percentage point difference means PAVE is currently more cost-efficient to hold. Over time, lower fees can contribute to higher net returns, assuming performance is equal. Investors should consider this cost difference when evaluating long-term holding periods, as fees are deducted annually from the fund's assets, potentially impacting overall growth and compounding returns.

How do the asset sizes of AIRR and PAVE impact liquidity?

PAVE has net assets of $13.3 billion, significantly larger than AIRR's $9.2 billion. Larger asset bases generally support higher liquidity, allowing investors to buy or sell shares with less impact on the market price. While both funds are substantial, PAVE's larger size may offer tighter bid-ask spreads. However, AIRR's $9.2 billion is still sufficient for most retail investors, providing operational stability and adequate trading volume for its strategy.

Which fund is typically associated with income-focused investing goals?

Neither fund is primarily an income vehicle, but PAVE offers a higher dividend yield of 0.81% compared to AIRR's 0.10%. For investors seeking modest income, PAVE provides a slightly better yield, though it remains low relative to income ETFs. AIRR's negligible yield suggests it is better suited for capital appreciation goals. Investors should not view either fund as a reliable income source but rather as exposure to industrial and infrastructure growth.

What is the difference in income generation between AIRR and PAVE?

PAVE provides a dividend yield of 0.81%, while AIRR offers only 0.10%. This means PAVE generates more income per share held, potentially attracting investors who value regular distributions. However, both yields are considered modest in the broader context of income investing. AIRR's minimal yield indicates it may reinvest most dividends into the portfolio to support capital growth, whereas PAVE provides a small but noticeable income stream to shareholders.

How similar are the top holdings of AIRR and PAVE?

The top ten holdings of AIRR and PAVE show no overlap. AIRR focuses on companies like Sterling Infrastructure and RBC Bearings, while PAVE holds names such as Deere and Fastenal. This lack of shared stocks indicates that while both funds are in the industrial sector, they target different sub-themes. AIRR leans into industrial renaissance and energy services, whereas PAVE captures infrastructure development including agriculture, construction, and logistics equipment.

Are the top holdings in these ETFs considered diversified?

Both funds exhibit moderate concentration. AIRR's largest holding, IESC, accounts for 3.77% of assets, and PAVE's largest, DE, is 3.65%. While no single position exceeds 4%, this level of concentration is typical for thematic ETFs. The breadth of holdings helps mitigate single-stock risk, but investors should be aware that these funds are not as diversified as broad market indices. Each holding weight reflects a specific conviction in the respective theme.

What does sector weight unavailability imply for risk assessment?

Sector weight breakdowns are not available for either AIRR or PAVE. This limits an investor's ability to precisely assess risk across sub-industries. Without this data, understanding exposure to specific areas like construction, energy, or transportation relies on inferring from top holdings. This lack of granularity makes it harder to gauge how much of the portfolio is tied to a particular sector, potentially obscuring concentration risks within the broader industrial theme.

What is the purpose of this FAQ and is it financial advice?

This FAQ is designed to help beginners interpret the comparison data between AIRR and PAVE. It explains terms like expense ratios, dividend yields, and index tracking using only the provided facts. The content is strictly educational and does not constitute financial advice. Investors should consider their own financial situation and consult a qualified professional before making investment decisions. Past data may not predict future outcomes.

AIRR vs PAVE

Two funds, one decision: we compare cost, performance and what each ETF actually holds in October 2026.

Compare AIRR (First Trust RBA American Industrial Renaissance ETF) and PAVE (Global X US Infrastructure Development ETF). Explore fees, holdings, dividends, and how each fund tracks its market. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

AIRR

Metric

PAVE

0.69%

Expense Ratio

0.47%

0.10%

Dividend Yield

0.81%

$9.21B

Net Assets

$13.32B

Holdings

102

Mar 10, 2014

Inception Date

Mar 6, 2017

–

Index Tracked

–

Industrials

Fund Category

Infrastructure

PAVE costs about $22.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Discover More Comparisons

IFRA vs PAVE

Compare IFRA vs PAVE on expense ratios, net assets, and dividend yields. IFRA offers lower fees at 0.30%, while PAVE provides higher AUM with 0.47% costs.

Investment Analysis

AIRR

Pros

The fund holds substantial assets of $9.2 billion, supporting its operational stability and scale.
Diversification is maintained through a broad holdings base with no single position exceeding 3.77% weight.
The portfolio includes established industrial firms like Sterling Infrastructure with a 2.78% holding weight.

Considerations

The expense ratio of 0.69% is relatively high compared to many comparable ETFs.
The dividend yield of 0.10% offers negligible income for yield-focused investors.
The tracked index methodology is not available, limiting transparency for performance benchmarking.

PAVE

Pros

With $13.3 billion in net assets, the fund benefits from significant scale and liquidity.
The 0.47% expense ratio provides a cost-efficient structure for active infrastructure exposure.
A dividend yield of 0.81% offers modest income relative to its expense ratio and asset base.

Considerations

The index tracked is not available, reducing clarity on the fund's benchmark methodology.
Holding weights are moderately concentrated, with the largest position accounting for 3.65% of assets.
The sector weight breakdown is unavailable, hindering detailed risk assessment across industry sub-groups.

About AIRR and PAVE

AIRR (AIRR)

The First Trust RBA American Industrial Renaissance ETF is an exchange-traded fund focused on small-capitalisation industrials companies in the United States. It seeks to track the performance of a specific index designed to capture firms involved in revitalising American industry, including construction, manufacturing, and infrastructure. With a category of Industrials, it offers exposure to sectors often linked with economic cycles and infrastructure development. The fund holds 60 companies, has a dividend yield of 0.10%, and an expense ratio of 0.69%. Its net assets stand at USD 9.21 billion, with an inception date in March 2014. Investors should note that values can rise and fall, and returns are not guaranteed.

PAVE (PAVE)

The Global X US Infrastructure Development ETF (PAVE) is an exchange-traded fund designed to provide exposure to US companies involved in the construction and maintenance of infrastructure. This includes sectors such as construction, heavy machinery, steel, and electrical equipment. As a broad thematic fund, it captures the potential opportunities arising from government spending, private investment, and the ongoing need for modernising physical systems like roads, bridges, and power grids. With a low expense ratio of 0.47% and net assets of approximately USD 13.32 billion, it offers a cost-effective way for investors to target this specific economic theme. However, like all investments, its value can fluctuate. The fund holds around 102 companies, diversifying risk across various sub-sectors of the infrastructure industry, though performance is not guaranteed and is subject to market conditions.

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AIRR vs PAVE

Fund Snapshot

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IFRA vs PAVE

Investment Analysis

AIRR

Pros

Considerations

PAVE

Pros

Considerations

About AIRR and PAVE

Buy AIRR or PAVE in Nemo

Zero Commission

Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What is the fundamental difference in the investment strategy of AIRR and PAVE?

Why is the lack of tracked index methodology significant for these ETFs?

How does the inception date of an ETF influence its performance history?

How do the expense ratios of AIRR and PAVE compare?

How do the asset sizes of AIRR and PAVE impact liquidity?

Which fund is typically associated with income-focused investing goals?

What is the difference in income generation between AIRR and PAVE?

How similar are the top holdings of AIRR and PAVE?

Are the top holdings in these ETFs considered diversified?

What does sector weight unavailability imply for risk assessment?

What is the purpose of this FAQ and is it financial advice?

Fund Snapshot

About AIRR and PAVE

Discover More Comparisons

IFRA vs PAVE